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(Health-NewsWire.Net, September 30, 2021 ) According to the new market research report “Electronic Trial Master File Systems Market by Component (Services, Software), End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations), Delivery Mode (On-Premise, Cloud-Based), and Region – Global Forecast to 2024″, published by MarketsandMarkets™, the eTMF systems market is projected to reach USD 1.8 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 12.7%
Electronic Trial Master File (eTMF) Systems Market Size Estimation;
Both top-down and bottom-up approaches were used to estimate and validate the total size of the eTMF systems market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
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North America dominated the Electronic Trial Master File Systems Market in 2018; this trend to continue during the forecast period
Geographically, the eTMF Systems Market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North American market accounted for the largest share of the Electronic Trial Master File (eTMF) Systems Market in 2018, primarily due to the increasing government funding for clinical research and a large number of clinical trials. Several major global players are also based in the US, owing to which the country has become a center of innovation in the eTMF Systems Market
Veeva Systems (US), Oracle Corporation (US), Phlexglobal Limited (UK), TransPerfect Global Inc. (US), Aurea Software (US), LabCorp (US), ePharmaSolutions (US), Wingspan Technology, Inc. (US), MasterControl (US), SureClinical, Inc. (US), Dell EMC (US), Paragon Solutions (US), PharmaVigilant (US), Mayo Clinic (US), Database Integrations, Inc. (US), CareLex (US), Ennov (France), Forte Research (US), Freyr (US), Montrium (US), NCGS Inc. (US), SAFE-BioPharma (US), SterlingBio Inc. (US), BIOVIA Corp. (US), and arivis AG (Germany) are the key players in the Electronic Trial Master File Systems Market
Veeva Systems was the leading player in the electronic trial master file (eTMF) systems market in 2018. The company’s dominant position can be attributed to its solution, Veeva Vault eTMF. The company focuses on various inorganic and organic growth strategies such as solution deployments and expansions to maintain and enhance its market share. In the last three years, Veeva Systems has deployed its solutions at more than ten pharmaceutical companies, CROs, and other sites in the US to expand its user base with the development of innovative solutions. The company also has a strategic focus on expansions in growing emerging markets, such as the Middle East and Asia.
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The cloud-based eTMF to register the highest CAGR during the forecast period
Based on delivery mode, the eTMF Systems Market is segmented into on-premise and cloud-based eTMF. The cloud-based eTMF segment is expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses & operational costs incurred in this model, alongside its scalability, flexibility, and affordability.
Cloud-based solutions help healthcare organizations share and integrate information from different locations, making the process of data gathering seamless. Moreover, these solutions are comparatively affordable to install and maintain as compared to on-premise solutions, thus contributing to the high growth and popularity of the cloud-based delivery model.
The heavy dependence of end-users on service providers will drive the services segment in the eTMF systems market
Based on the component, the Electronic Trial Master File Systems Market is segmented into services and software. The services segment accounted for the largest market share in 2018. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. End-users of eTMF systems rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular upgrades of solutions.
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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